尿素：宽幅震荡，基本面对价格有支撑

1. Report Industry Investment Rating - The report does not mention the industry investment rating. 2. Core View of the Report - In the short - term, due to geopolitical uncertainties, international energy prices are in a high - level wide - range oscillation pattern. Urea, with a relatively strong short - term fundamental situation, follows the upward shift of the oscillation center. However, policy constraints limit the upside potential of its valuation [2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking 3.1.1 Urea Futures Market (05 Contract) - Closing price: 1,872 yuan/ton, up 16 yuan from the previous day [1]. - Settlement price: 1,860 yuan/ton, up 13 yuan from the previous day [1]. - Trading volume: 300,925 lots, a decrease of 41,865 lots from the previous day [1]. - Open interest: 229,705 lots, an increase of 15,308 lots from the previous day [1]. - Warehouse receipt quantity: 5,433 tons, an increase of 98 tons from the previous day [1]. - Turnover: 1,119,180 ten - thousand yuan, a decrease of 147,033 ten - thousand yuan from the previous day [1]. 3.1.2 Basis - Shandong regional basis: 18, a decrease of 16 from the previous day [1]. - Fengxi - disk basis (with about 100 yuan/ton freight): - 102, a decrease of 16 from the previous day [1]. - Dongguang - disk basis (cheapest deliverable): - 42, a decrease of 16 from the previous day [1]. 3.1.3 Monthly Spread - UR05 - UR09 (Henan Xinlianxin): - 13 (1,815), an increase of 15 from the previous day [1]. 3.1.4 Urea Factory Prices - Yankuang Xinjiang: 1,490 yuan/ton, up 140 yuan from the previous day [1]. - Shandong Ruixing: 1,840 yuan/ton, unchanged from the previous day [1]. - Shanxi Fengxi: 1,770 yuan/ton, unchanged from the previous day [1]. - Hebei Dongguang: 1,830 yuan/ton, unchanged from the previous day [1]. - Jiangsu Linggu: 1,870 yuan/ton, unchanged from the previous day [1]. 3.1.5 Trader Prices - Shandong region: 1,890 yuan/ton, unchanged from the previous day [1]. - Shanxi region: 1,770 yuan/ton, unchanged from the previous day [1]. 3.1.6 Supply - side Key Indicators - Operating rate: 93.95%, unchanged from the previous day [1]. - Daily output: 221,210 tons, unchanged from the previous day [1]. 3.2 Industry News - On March 11, 2026, the total inventory of Chinese urea enterprises was 957,600 tons, a decrease of 140,500 tons from the previous period, a month - on - month decrease of 12.79%. Recently, affected by international geopolitical conflicts, market trading sentiment has been boosted, downstream purchasing enthusiasm has increased again, and urea factories have shipped smoothly. Inventory has decreased in most regions. Provinces with increased inventory: Hainan, Hebei; provinces with decreased inventory: Anhui, Henan, Heilongjiang, Hubei, Jiangsu, Jiangxi, Liaoning, Inner Mongolia, Qinghai, Shandong, Shanxi, Shaanxi, Sichuan, Xinjiang, Yunnan [2].